Crude Oil Rises on Increasing French Fuel Imports, Storm Threat
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Crude oil rose on speculation that growing French demand for imported fuel because of a strike will reduce stockpiles elsewhere and on concern that a tropical storm may strengthen and head toward Mexican oil fields.
France is importing “massive” amounts of fuel and tapping reserves to alleviate service-station shortages, Environment and Energy Minister Jean-Louis Borloo said today. Tropical Storm Richard, churning over Caribbean waters off the Nicaragua-Honduras border, is forecast to strengthen to a hurricane.